The Supreme Court of Montenegro extended the detention period of Terraform Labs co-founder Do Kwon by another two months, following requests from the USA and South Korea. This decision ensures that Kwon will remain in custody until February 15th. Kwon faces charges related to the collapse of the algorithmic stablecoin TerraUSD in 2022.
The High Court in Podgorica decided on Kwon’s extradition, leaving the final decision on the country to which he will be extradited to the Montenegrin Minister of Justice. With the initial detention period set to end on Friday, the court decided to extend the detention period.
Kwon’s defense team has appealed the extradition decision. This appeal is currently under review by the appellate court in Podgorica, adding further complexity to the legal process.
The extension of Do Kwon’s detention period highlights the severity of the charges against him and the ongoing international cooperation for his extradition. The charges are connected to the events surrounding the collapse of the algorithmic stablecoin TerraUSD in 2022.
The decision by Montenegro to extend Do Kwon’s detention period underscores the global impact of legal proceedings in the crypto space. The ongoing case, with extradition requests from both the USA and South Korea, continues to be a focal point for efforts to regulate the crypto sector and address current issues.